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| 題 名 | 永續發展融資架構的挑戰與改革建議=Challenges and Reform Recommendations for the Sustainable Development Finance Framework |
|---|---|
| 作 者 | 汪震亞; | 書刊名 | 經濟研究. 國家發展委員會經濟發展處 |
| 卷 期 | 26 2026.03[民115.03] |
| 頁 次 | 頁(4)1-(4)39 |
| 分類號 | 562.33 |
| 關鍵詞 | 淨零轉型; 永續金融; 融資; |
| 語 文 | 中文(Chinese) |
| 中文摘要 | 在全球推動淨零轉型與永續發展的趨勢下,資金動員能力已成為氣 候治理與經濟轉型成敗的關鍵因素。國際研究普遍指出,現行永續投資規 模僅能覆蓋實際需求的三至四成,顯示永續發展融資不足並非短期現象, 而是具結構性的制度問題。本文首先從全球永續金融工具的制度功能出 發,系統性整理永續標籤債券、股權與混合融資工具,以及市場與創新型 機制在資金動員、風險分攤與長期誘因塑造上的差異,並彙整主要國際機 構對淨零轉型資金需求與融資缺口的估算結果,作為後續制度評估的分 析基礎。 在此架構下,本文進一步檢視我國永續發展融資的政策與市場現況, 涵蓋公共預算配置、政策性融資與保證機制、租稅誘因設計,以及銀行、 保險與資本市場對永續領域的實際投入情形。研究發現,臺灣已建立具一 定規模與多元性的永續融資政策工具,公共資源投入與金融體系資金流 向在成熟且政策明確的綠能與減碳領域已展現引導效果。然而,整體制度 仍存在風險分攤功能有限、長期投資預期不夠穩定,以及永續分類與資訊 揭露體系尚未完全制度化等問題,導致民間資本多集中於風險相對可控 之案型,難以大規模投入高不確定性但具關鍵轉型意義的專案。本文據此提出制度改革方向,強調政府應由直接資金投入者,逐步轉 型為制度建構者與風險緩解者,透過制度化先期資金、氣候擔保與政策性 保險機制,改善永續專案可投資性;並同步建立具法律效力的永續分類與 揭露制度,以及導入氣候預算標示與專案孵化平台,以提升市場透明度、 投資信心與案源供給能力,最終建構具韌性與擴張性的永續發展融資架 構。 |
| 英文摘要 | As countries worldwide accelerate efforts toward net-zero transitions and sustainable development, the capacity to mobilize and allocate capital has emerged as a critical determinant of success in climate governance and economic transformation. International studies consistently indicate that current levels of sustainable investment cover only 30–40 percent of the funding required, suggesting that the financing gap is not a short-term imbalance but a structural challenge embedded in existing financial and policy frameworks. This study begins by examining the functional roles of major global sustainable finance instruments, including labelled bonds, equity and blended finance mechanisms, and market-based and innovative tools, highlighting their respective contributions to capital mobilization, risk sharing, and the formation of long-term investment incentives. It further synthesizes estimates from leading international institutions regarding financing needs and gaps for net-zero transitions, providing an analytical foundation for subsequent institutional assessment. Building on this framework, the study reviews the current landscape of sustainable development finance in Taiwan, encompassing public budget allocation, policy-based lending and guarantee mechanisms, tax incentives, and the participation of banks, insurers, and capital markets in sustainable investment. The findings indicate that Taiwan has gradually established a diversified and sizable set of policy instruments to support sustainable finance, and that public expenditure and financial-sector capital flows have generated tangible steering effects in relatively mature and policy-certain sectors such as renewable energy and emissions reduction. However, from an institutional and functional perspective, the existing framework continues to face structural constraints. These include limited risk-sharing capacity, insufficient stability in long-term investment expectations, and the absence of a fully institutionalized system for sustainable classification and information disclosure. As a result, private capital remains concentrated in projects with relatively manageable risks, while largescale investment in high-uncertainty yet transformation-critical projects remains constrained. Based on these findings, the study proposes a set of institutional reform directions. It argues that the role of government should evolve from that of a direct capital provider toward that of a system builder and risk mitigator. This entails institutionalizing first-loss capital mechanisms, climate guarantees, and policybased insurance instruments to enhance the investability of sustainable projects. In parallel, the establishment of legally binding sustainability taxonomies and disclosure regimes, along with the introduction of climate budget tagging and project incubation platforms, is recommended to improve market transparency, strengthen investor confidence, and expand the supply of bankable projects. Collectively, these measures are essential for building a resilient and scalable sustainable finance framework capable of supporting Taiwan’s transition toward its 2050 net-zero objectives. |
本系統中英文摘要資訊取自各篇刊載內容。